CIT Arranges $41.6 Million Financing for Quapaw Tribe of Oklahoma
CIT Group Inc. announced that it arranged two senior secured credit facilities totaling $41.6 million to the Downstream Development Authority, a subsidiary of the Quapaw Tribe of Oklahoma. The financings will support the development of a new 150-room hotel tower for the Downtown Casino Resort in Quapaw, OK, and will refinance an existing Furniture, Fixtures & Equipment (FF&E) Credit Facility. Terms of the transaction were not disclosed.
The financing was provided by CIT Bank. CIT Communications, Media & Entertainment served as sole lead arranger, lead administrative agent and sole bookrunner on both of the aforementioned financings.
“CIT has provided financing to the Native American and commercial gaming sectors for nearly 20 years,” said Steve Epperly, senior director of Gaming Finance & Advisory for CIT. “This transaction underscores our continued commitment to the Native American community. John Berrey, chairman of the Quapaw Tribe and Chairman of the Downstream Development Authority, has been critical in developing the strong relationship between the Tribe and the investment community. Downstream continues to perform well in tough market conditions, and we look forward to growing our relationship.”
Chairman Berrey added, “CIT’s deep industry knowledge and experience was an important factor in our decision to choose CIT as lead arranger in these financings, which will offer us a great opportunity to enhance the environment for our casino and attract new customers.”
The Downstream Development Authority owns and operates The Downstream Casino Resort in Quapaw, OK, and the Quapaw Casino in Miami, OK. The Quapaw Tribe and its members are descendants of a tribe of Native Americans who historically resided on the west side of the Mississippi River in what is now the state of Arkansas.